TUDOR GOLD ANNOUNCES AGREEMENT WITH AMERICAN CREEK TO PURCHASE REMAINING INTEREST IN ELECTRUM CLAIMS
VANCOUVER, BC, May 12, 2020 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold“) is pleased to announce that it has entered into a definitive agreement (the “Property Purchase Agreement“) with American Creek Resources Ltd. (“American Creek“) to purchase the remaining 40% legal and beneficial right, title and interest in and to certain properties and mineral rights known as the “Electrum Claims” in the Skeena Mining Division, located in British Columbia (the “Remaining Interest“) for: (i) the issuance of 1,400,000 common shares of the Company (the “Payment Shares”), subject to an 8-month contractual escrow period; and (ii) $250,000 in cash, each issuable or payable at the time of closing (the “Proposed Transaction“).
The Company currently holds a 60% interest in the Electrum Claims and the Company and American Creek are party to a joint venture agreement, dated May 10, 2016, which will be terminated with closing of the Proposed Transaction.
The Proposed Transaction is subject to the approval of the TSX Venture Exchange.
The property comprises 8 claims totaling 650 acres, of which six claims are subject to a 2% net smelter royalty (“NSR”) which can be purchased at any time for $1,000,000.
About Electrum Claims:
The “Golden Triangle” is one of the most important mineral districts of north-western British Columbia. The pertinent 650-hectare Electrum property is located between the past producing Silbak Premier mine (approx. 25 Km to the south) and Pretium Resource’s Valley of the Kings deposit (approx. 20 Km to the north). The Electrum property hosts the historic East Gold mine, known for the intermittent small-scale production of bonanza grade gold and silver between the years of 1939 and 1965. A total of 3,816 oz of gold and 2,442 oz of silver were produced in that time.
American Creek Resources undertook exploration between 2006 and 2007, with a total of 66 diamond drill holes comprising 15,369 meters. In 2016, the Joint-Venture partners, Tudor Gold and American Creek, completed nineteen drill holes totalling 1,406 meters.
Nearby infrastructure: The property is connected by road to an all-season, deep-water port at Stewart, BC (approx. 40 km away) as well as to a local gravel airstrip along Highway 37. Electrical power lines extend to within 18 km of the property and could be extended along the existing haul road to the site.
The Electrum property has exceptional potential for the outlining of a high-grade zone of epithermal gold-silver breccia-veins with geological similarities to the Premier and Brucejack projects.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is the Company’s Vice President of Project Development, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About TUDOR GOLD
TUDOR GOLD is a precious and base metals explorer with properties in British Columbia’s Golden Triangle, an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which Tudor Gold has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The Company also has earn in options and 100% interests in other prospective projects located in the Golden Triangle area.
Director Corporate Development and Communications
Manager Investor Relations
Cautionary Statements regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding analysis and re-interpretation of data, and potential mineralization and geological merits of the Treaty Creek Project and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.